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Blackstone acquired MLP asset manager Harvest Fund Advisors last August, in a clear bet on a resurgent asset class, having just paid $1.5BN for 32% of Energy Transfer's Rover pipeline. Tortoise, another large MLP asset manager, sold out to a group of private equity firms led by Lovell Minnick Partners. Other private buyers include 4 AM Midstream (acquired midstream assets from White Star Petroleum), Meritage Midstream (acquired Powder River basin subsidiary of Devon Energy), and Stakeholder Midstream (Permian gathering system).Earnings calls often include grumbling that private equity, with its locked up capital, is outcompeting public MLPs for projects.

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